Starting from scratch... Again!

BananaD

Hi all,

I bought a house 3-4 months ago and it is only recently finances have evened out and I can now rejiggle my finances.

I had a savings account but that has now been cleared due to the savings going on the house deposit. Also all other odds and ends I saved up have gone as it went on decorating the house etc...

With regards to savings, how many savings accounts should I have and what for? I'd like my money to be organised soon as I am hoping within the next year or two to start a family :A

Thanks

BananaD

BananaD

Also to add to this I'm new to the site so please be nice...

And just to give you an idea of my outgoings if someone could tell me how much I should put away for things...

Income - £1550

Outgoings
Money that goes into our joint account to cover mortgage, bills and food. - £650

Petrol - £100

Car insurance - £60

Union membership - £16

Thanks guys!

BananaD

Lokolo

6 months cover is sufficient enough.

colsten

Only you can tell how much cash you might need anytime soon. We don't know how old your car or your washing machine is, what holidays you like etc etc etc

The best way to budget is to write down what your known expenditures are, and then decide how much extra you want to hold for anything unforeseen. Then monitor and update the lot as you go along.

You can use an SOA calculator to help you create a budget, and there are various budgeting apps around to help you manage your budget on an ongoing basis. YNAB seems to be a popular one.